Oyster Point Pharma, Inc. (OYST) increased by 5.79% in the aftermarket. However, the last trading session closed at $11.05 with an incline of 0.36%.
OYST Reports Inducement Grants Under Nasdaq Listing Rule
On 1st September 2021, OYST announced that the company’s Board of Directors issued inducement non-qualified stock options to 110 new employees to acquire an aggregate of 177,000 shares of common stock. Each preferred stock has an exercise price per share of $13.44.
However, Oyster Point’s is closing current value on the grant date and will vest over four years, with 1/4th of the underlying shares vesting on the first year anniversary. In line with NASDAQ Listing Rule, the Compensation Committee of Oyster Point’s Board of Directors authorised the awards.
Exclusive License Agreement with Ji Xing Pharmaceuticals to Develop and Commercialize OC-01 and OC-02 in Greater China
Ji Xing Pharmaceuticals has signed an exclusive license and partnership agreement to develop and market OC-01 and OC-02 nasal sprays on 5th August 2021. Ji Xing is a Shanghai-based biotechnology firm created by RTW Investments, LP (RTW), with the goal of providing breakthrough medications to underserved Chinese patients suffering from refractory, severe, and life-threatening illnesses. This deal strengthens the cash position while allowing OYST to provide OC-01 (varenicline) and OC-02 (simpinicline) nasal sprays. Lastly, these are for patients with dry eye illness throughout the world.
New Chairperson Appointment to Board of Directors
OYST announced the appointment of the new chairperson to the board of directors on 2nd August 2021. Donald Santel is the new non-executive Chairperson and a Director of Oyster Point Pharma. He is also a member of the Compensation Committee. Moreover, Don joined the Board on July 30, 2021, and will succeed Ali Behbahani, M.D. as Chairperson. Donald is thrilled to join a business that is focused on being a pioneer in developing treatments. He is looking forward to working closely with Jeff and the rest of the Board as they grow this firm over the next few years.